USDINR
On Thursday, USDINR most likley to commence session with mild firm note between 82.70 – 82.80 levels as dollar was on the front foot after Federal Reserve Chair Jerome Powell signalled U.S. rates would likely rise further than expected, disappointing traders' hopes for a change in tone, and shifting the focus to Friday's jobs data.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.07(82.87 – 82.67)82.47
THE FED
The Fed raised its benchmark rate by 0.75%, and suggested that future hikes will face a higher threshold, but Fed chairman Jerome Powell pushed back against the idea of a Fed pause.
Powell said in a press conference on Wednesday “It is very premature to be thinking about pausing,” also hinted that the Fed isn't as close to the end of its tightening cycle as many had expected, saying that the "ultimate level of interest rates will be higher than previously expected [in September."
THE CENTRAL BANK DEGITAL CURRENCY
France, Singapore and Switzerland have launched a joint trial of their experimental central bank digital currencies (CBDCs) in the first cross-regional trial of its kind.The project, which will run for around six months, will use what are known as automated market makers (AMM) for the cross-border exchange of "hypothetical" Swiss franc, euro and Singapore dollar CBDCs.AMM protocols are designed to combine pooled liquidity with algorithms to determine the prices between two or more digitally tokenised assets such as currencies.
THE OIL
Oil prices rose, gaining ground even as other risk assets dropped following the Federal Reserve's fourth interest rate hike of the year. The market was supported by another decline in U.S. oil inventories as refineries picked up activity ahead of the winter heating season.
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